Treasurer Wayne Swan has hailed Australia's economic strength, with the budget heading back to surplus. Here's a quick look at the winners and losers of the 2012 Federal Budget.
WINNERS
Wayne Swan delivers on budget surplus promise of $1.5 billion
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Families: to benefit from the mining boom through the MRRT instead of companies. Will receive package worth $1.8 billion in tax breaks to Family Tax Benefit Part A
Low and middle-income tax payers: modest personal tax cuts for those earning under $80,000 and tax free threshold reductions as part of clean energy package
Old and infirm: $3.7 billion over five years to revamp the aged care system, including $577 million of new funds
Disabled: $1 billion funding over four years as commonwealth share for the mid-2013 launch of National Disability Insurance Scheme
Dentists: dental care to be boosted by $515 million
Older job seekers: $10 million over four years for $1000 payments to employers giving jobs to over-50s
Small business: can offset tax losses of up to $1 million against previous years
Indigenous communities: $1.6 billion over five years to fund jobs, education, and community services
Welfare recipients: $1.1 billion to meet cost of essential bills
LOSERS
Business: lose the 1.0 per cent corporate tax cut originally promised as part of the MRRT
Mining companies: 30 per cent MRRT begins July
Big Polluters: carbon emissions tax on 500 big polluters starts July 1 at fixed rate of $23 per tonne
Public Service: hit by job cuts of about 3,000 and spending slashed
Defence Force: $5.4 billion in equipment procurement deferred
Smokers: no more duty free cigarettes, raising about $200 million
Poor countries: Overseas aid funding increased by less than planned and deferred to save $2.9 billion
Interstate and overseas executives: living away from home allowance to be capped at 12 months and more rigorously enforced
High earners: cuts to superannuation tax breaks
Wealthy sick: 30 per cent private health insurance rebate to be means tested, saving $2.4 billion over three years
The vain: cosmetic surgery and other procedures capped under the extended Medicare safety net
